- EUR / USD extends rejection from recent highs and is approaching 1.19.
- A deeper pullback would target the current year’s low at the 1.1830 region.
The EUR / USD rally encountered a stiff barrier in the vicinity of the 1.20 psychological hurdle in the second half of last week, triggering the current downward correction.
The continuation of the offered bias could motivate the EUR / USD to attempt another visit to the 2021 lows in the 1.1835 / 30 band (March 9 low) in the near term. This zone of lows is reinforced by the proximity to the key 200-day simple moving average, today at 1.1831.
Below the latter, potential losses are expected to pick up further with the next target at the 2008-2020 support line at the 1.1600 area. This scenario, however, is not favored at the moment.
EUR / USD day chart
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